The Arbitration Court of St. Petersburg and the Leningrad Region seized all Russian assets of the American bank JP Morgan Chase following a claim by the local VTB bank for $439.5 million.
How reports Reuters on April 24, a number of JP Morgan trademarks and any securities owned by the US bank were seized. The court stated that all funds in JP Morgan bank accounts in the Russian Federation were seized, including correspondent accounts and accounts opened in the name of a subsidiary.
The court also arrested shares in the authorized capital of the Russian commercial bank J.P. Morgan Bank International, owned by JP Morgan, and prohibited the disposal of parts in the capital of the Russian subsidiary.
The VTB case against JPMorgan is part of the Russian bank's attempts to recover frozen funds in foreign accounts. In April 2024, JP Morgan Chase sued VTB in New York to stop trying to return $439.5 million from an account blocked in the United States. The Russian court did not seize securities and property belonging to JPMorgan funds, as well as the jpmorgan.ru domain.
In a complaint filed in early April 2024 in Manhattan federal court, JPMorgan called VTB's attempt to recover money in Russia a “flagrant violation” of its dispute resolution agreement in New York. The largest US bank said that US law prohibits it from returning $439.5 million.
JPMorgan Chase is an American banking holding company that belongs to the Big Four of the largest US banks. Conducts activities in the field of investments, financial services, private wealth management, etc.
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